S.L. 330.16 Art. 7Supervisory powersandpowers to impose administrative penalties and other measures.

(1) The competent authority shall exercise its supervisory powers and its powers to impose administrative penalties and other measures, in such a way as to ensure the full and complete adherence to the requirements and obligations arising out of the Act, any regulations issued thereunder, any Rules issued by the competent authority and the PEPP Regulation, whether directly, in collaboration with other European regulatory authorities or by application to the competent judicial authorities, in terms of the law as warranted by the relevant circumstances.

(2) The competent authority shall take all the necessary measures so as to ensure that administrative penalties and other measures imposed are effectively implemented.

(3) The administrative penalties and other measures imposed shall be effective, proportionate and dissuasive.

(4) When determining the type and level of an administrative penalty or other administrative measures to be imposed under sub-regulation 9(2), the competent authority shall take into account all the relevant circumstances, including where appropriate:

(a) the materiality, gravity and the duration of the breach;

(b) the degree of responsibility of the natural or legal person responsible for the breach;

(c) the financial strength of the natural or legal person responsible for the breach, in particular by the total turnover of the responsible legal person or the annual income and net assets of the responsible natural person;

(d) the importance of profits gained or loses avoided by the natural or legal person responsible for the breach insofar as they can be determined;

(e) the losses for third parties caused by the breach insofar as they can be determined;

(f) the level of cooperation of the natural or legal person responsible for the breach with the competent authority; and,

(g) previous breaches by the natural or legal person responsible for the breach.